‘Are the blinkers finally coming off?’: SEC boss tells EU Parliament crypto could be as disruptive ‘as the internet’

Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler on Wednesday appeared virtually before the European Parliament where he promoted cooperation between Europe and the USA with regards regulation of decentralised financial technologies.

He shared the US authority’s recommendations regarding the regulation of crypto assets, and underscored the growing role financial technologies are playing in today’s globalised economy.

Despite the USA’s initial hesitation towards crypto, along with much of the world, Mr Gensler told the European Parliament:

“I think the transformation we’re living through right now could be every bit as big as the internet in the 90s”.

He went on to highlight how the multi-trillion cryptocurrency markets are a “truly global” asset class, adding that “it has no borders or boundaries. It operates 24/7”.

Acknowledging the carbon footprint associated with the mining of crypto through the consumption of electricity as a “significant challenge”, he went on to note the increasing popularity of more energy-efficient based crypto networks.

The SEC chairman stressed the importance of developing robust public policy frameworks to balance supporting innovation in crypto assets and decentralised financial products while maintaining strong protection for investors.

Commenting on the chairman’s remarks, Anton Dalli, an experienced advisor and a certified information systems auditor with extensive consulting experience in blockchain, crypto and remote gaming, took to social media to highlight the changing attitudes towards the crypto world.

“..It is funny to read how in a couple of years we went from calling it a fad to the next big thing..”, he wrote.

On the chairman’s comments comparing crypto and fintech to the internet to highlight its disruptive qualities, Mr Dalli wrote:

“Are the ‘blinkers' finally coming off?

“Well, I recall in the early 90s some prominent figures saying that only a handful of computers around the world will be connected to the internet. We now know how accurate that prediction was!”.